Three-month flip: Palm Beach manse sells for $20M

Price rose by $290 per square foot in three months

TRD MIAMI /
Sep.September 21, 2015 12:45 PM

A waterfront mansion in Palm Beach just flipped for $20.76 million, meaning its sellers are walking away with a cool $3.36 million premium over what they paid three months ago.

The home, at 240 Banyan Road, is on a three-quarter-acre lot overlooking the Intracoastal Waterway. Built in 1991, it’s a Mediterranean-style villa complete with landscaped grounds and a fountain by the entryway.

In June, a trust managed by the CEO of a Boston-based investment company purchased the home for $17.4 million. That sale had more than tripled the mansion’s last transaction in 1995. Anastasios Parafestas, the buyer’s trustee and CEO of the Ballard Group, purchased the 11,365-square-foot home from the estate of Mary Jo Condren.

Now, three months later, the trust has resold 240 Banyan Road for $20.7 million. County records show that the buyer is a trust named after the home’s address. It’s managed by M. Timothy Hanlon, a local real estate lawyer. The trust financed its purchase with a $15 million loan from Bank of America, according to property records.

This most recent closing price equates to $1,821 per square foot. That’s a $290 increase in price from the home’s last sale of $1,531 per square foot.


Related Articles

arrow_forward_ios
Blackstone's Martin Brand and 568 Island Drive (Realtor)

Blackstone exec snags waterfront Palm Beach home for $10M

Blackstone exec snags waterfront Palm Beach home for $10M
rank McKinney, 3492 South Ocean Boulevard (Credit: Google Maps)

Frank McKinney sells South Palm Beach spec home with jellyfish tank

Frank McKinney sells South Palm Beach spec home with jellyfish tank
From left: Sonja Stevens, Suzanne Frisbie, and Dana Koch

Life in Palm Beach after lockdown: Demand for luxury homes sparks “pandemonium”

Life in Palm Beach after lockdown: Demand for luxury homes sparks “pandemonium”
Related Urban CEO Kenneth Himmel and 251 Jungle Road (Corcoran)

Related Urban CEO snags Palm Beach home for $11M

Related Urban CEO snags Palm Beach home for $11M
Franklyn P. deMarco Jr. and 251 Dunbar Road (Sotheby's) 

Ta-boo owner sells new Palm Beach home for $12M

Ta-boo owner sells new Palm Beach home for $12M
111 Atlantic Avenue with Scott Robins, Jonathan Fryd, Todd Glaser and Philip Levine (Glaser by Mary Beth Koeth)

Todd Glaser, partners sell Palm Beach spec home for $11M

Todd Glaser, partners sell Palm Beach spec home for $11M
Kenneth Himmel, 102 Flagler Drive (Credit: Google Maps)

Related Urban CEO sells Palm Beach estate for $18M

Related Urban CEO sells Palm Beach estate for $18M
Lynda and Robb Turner with 8 South Lake Trail (Credit: Brent N. Clarke/Getty Images and Google Maps)

Sweet: Maple syrup magnate sells lakefront Palm Beach estate for $72M

Sweet: Maple syrup magnate sells lakefront Palm Beach estate for $72M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...